Paytm partners with SBI Card to launch Paytm SBI Card in India
The card will be available to customers around Diwali. However, select customers have a chance to apply for Early Access to the card by joining the waitlist that has gone live on the Paytm App from November 1.
Paytm on Wednesday announced a partnership with the SBI Bank as a part of which the two companies have launched two new credit cards in India. The first credit card is called Paytm SBI Card, while the second one is called Paytm SBI Card SELECT. Both the credit cards utilise Visa’s platform.
The two newly launched credit cards are equipped with instant one-touch services such as blocking/ unblocking the card for online transactions, blocking the card in case of loss, issuance of a duplicate card and viewing outstanding credit-limit. They will also offer the option to safeguard users against fraud by switching off the card for contactless payments or international transactions when not required. Additionally, they will also come with a personalised spend analyser that will help the users in assessing expenses and planning future spends smartly.
Paytm says users can register for the card from the app in less than 1 minute. Cardholders will receive a cashback of 5% and 3% on Paytm SBI Card SELECT and Paytm SBI Card respectively, upon booking movie tickets and travel tickets on the Paytm app as well as on purchasing items from Paytm Mall.
For other spends on the Paytm app using the Paytm SBI Cards, cardholders receive a 2% cashback while a 1% cashback is being offered on spends elsewhere. The card will be available to customers around Diwali. However, select customers have a chance to apply for Early Access to the card by joining the waitlist that has gone live on the Paytm App from November 1.
Additionally, Paytm says that the Paytm SBI Card SELECT customers will get a complimentary Priority Pass Membership for first two card membership years as well as four complimentary domestic airport lounge visits per year.
Apart from this, Paytm SBI Card SELECT customers will also be able to avail gift vouchers of up to ₹6,000 annually on achieving certain milestone spends, while Paytm SBI Card customers will get a complimentary Paytm First Membership Voucher upon achieving annual retail spends of ₹1 lakh. The cardholders will also get a 1% fuel surcharge waiver along with cyber fraud insurance cover of 1 lakh and 2 lakhs respectively for Paytm SBI Card and Paytm SBI Card SELECT.